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Eventus announces continued growth in client base, global expansion as company wins Best Trade Surveillance Solution for Validus platform in TradingTech Insight USA Awards 2024

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NEW YORK, June 10, 2024 /PRNewswire/ — Eventus, a leading provider of comprehensive, at-scale trade surveillance and financial risk solutions, announced that its Validus platform continues to capture business from firms seeking to move away from legacy trade surveillance providers, with a 25% increase in its client base over the past year. The announcement comes on the heels of another award win for excellence in trade surveillance, further global expansion with the signing of its first South African client – one of Africa’s largest diversified financial groups – and a continued high renewal rate for existing clients globally. The company now has clients on six continents.

Eventus CEO Travis Schwab said: “We’ve never been in a better position as a company. Our retention rates remain close to 100%, we are growing across asset classes and geographies, our platform continues to perform at the highest levels with new functionality rolling out consistently, and we are profitable. We are especially excited about some new clients that include three tier-1 banks all now actively using Validus to meet a range of compliance and regulatory goals. Our existing clients are routinely adding more areas of coverage and our Eventus Services offering to their contracts too. 

“Companies keep turning to us, particularly if they’ve had experience with legacy providers, because our sole focus is our clients and the delivery of best-in-class trade surveillance and financial risk solutions, such as algo monitoring. In an extraordinarily competitive landscape, we have what I would argue is more markets and regulatory expertise and a more responsive approach than any provider in the market, along with the unique ability for clients to fully customize the platform and work with our team on solving compliance challenges they are facing in real time. Our experience as market practitioners give us the ability to partner with each and every client – whether they are a start-up exchange, global trading firm, broker/dealer or tier 1 bank.”

Eventus Global Head of Regulatory Affairs Joe Schifano said: “For many years, those of us who built surveillance programs for our firms were frustrated with the lack of flexibility in legacy trade surveillance systems. But now, it is even more critical to keep pace with technology as regulators are no longer satisfied with compliance programs that just ‘follow the pack.’ At Eventus, we offer a ‘buy-to-build’ solution that clients can tailor and easily scale specific to their risk assessment and data requirements.”

Eventus also announced that it was just named Best Trade Surveillance Solution at the TradingTech Insight USA Awards 2024, based on votes from market participants and the publication’s global audience. In March, the company won the same category in the 2024 RegTech insight Awards APAC for its work in the Asia-Pacific region.

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Schwab said: “We’re honored to see recognition of our hard work and results through votes by so many market participants selecting Validus as Best Trade Surveillance Solution, reflecting our focus on our clients, expert service and constant enhancements to the platform.”

Enhancements to the Validus platform this year include:

  • Reports and visualizations to help clients ensure accurate and complete data coverage.
  • Introduction of a first-of-its-kind cross-product spoofing functionality to detect this type of market manipulation in real time for clients engaged in multiple asset classes. This includes a new visualization methodology to review activity across products and new technology that facilitates cross-product review across all accounts and all activity.
  • New large trader reporter functionality, built for a designated clearing organization (DCO) client and now available to all users.
  • Enhanced behavioral analytics, including changes in trader profiles identifying potential red flags for rogue trading and account takeovers.
  • Expanded market data coverage.
  • Testing of the firm’s next-generation platform that enables performance speeds and scale commensurate with growth in the markets and client data requirements.

A-Team Group’s series of awards, including those from TradingTech Insight and RegTech Insight, recognize outstanding performance by the vendors of data and technology solutions to the financial industry. Eventus has now won six A-Team Group awards over the past five years, including two RegTech Insight Europe Awards. To date, the company and its Validus platform have earned more than 40 awards and honors in the past six years.

About Eventus

Eventus provides state-of-the-art, at-scale trade surveillance software across all lines of defense. Its powerful, award-winning Validus platform is easy to deploy, customize and operate across equities, options, futures, foreign exchange (FX), fixed income and digital asset markets. Validus is proven in the most complex, high-volume, and real time environments of Eventus’ rapidly growing client base, including tier-1 banks, broker-dealers, futures commission merchants (FCMs), proprietary trading groups, market centers, buy-side institutions, energy and commodity trading firms, and regulators. Clients rely on the platform, coupled with the firm’s responsive support and product development, to overcome their most pressing trade surveillance regulatory challenges. For more, visit www.eventus.com.

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Agora acquires Clearshift’s real estate division

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Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

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For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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